Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Calculus
Cost Functions
Marginal Cost
Average Cost
Formulas
Marginal Cost Function: dC/dq = 0.003q^2 - 0.4q + 40
Total Cost Function: C(q) = ∫(Marginal Cost Function) dq + C₀
Average Cost = Total Cost / q
Theorems
Integration of a Function
Initial Condition to Find Constants in Integration
Suitable Grade Level
Undergraduate Level - Economics/Mathematics
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